MarketersMEDIA / Newsroom / 7.2% Growth Rate for Passenger Security Market by 2024 | Growth Factors, Business Developments, Segmentation and Technologies

7.2% Growth Rate for Passenger Security Market by 2024 | Growth Factors, Business Developments, Segmentation and Technologies

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Get This Report with Special Discount | Passenger Security Market report provides analysis of top players in all regions with industry size, growth, technology, market insights, demand, trend, key statistics and industry forecasts to 2024.

— ReportsnReports offers a latest published report on “Passenger Security Market” delivering key insights and providing a competitive advantage to clients through a detailed report. The report contains 224 pages which highly exhibit on current market analysis scenario, upcoming as well as future opportunities, revenue growth, pricing and profitability. An exclusive data offered in this report is collected by research and industry experts team.

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The Passenger Security Market size is projected to grow from US$ 4.8 Billion in 2019 to US$ 6.8 Billion by 2024, at a CAGR of 7.2% during the forecast period. This report spread across 224 Pages, Profiling 15 Companies and Supported with 136 Tables and 44 Figures is now available in this research.

Top Companies profiled in the Passenger Security Market include are Smiths Detection Group Ltd. (UK), SITA (Belgium), Siemens (Germany), Honeywell International Inc. (US), Rapiscan Systems (US), Axis Communications AB (Sweden), Bosch Sicherhe its system GmbH (Germany), Autoclear, LLC. (US), L3 Security & Detection Systems (US), and FLIR Systems, Inc. (US).

Based on security solutions, the cyber security solutions market is estimated to account for the largest share of the passenger security market in 2019 due to the rise in cyber threats and attempts to hack into airport and aircraft operations. The European Aviation Safety Agency (EASA) estimates that an average of 1,000 attacks occur per month on aviation systems. The increasing use of data analytics, Artificial Intelligence, and video management software for security operations requires these systems to be “hack-proof,” which is also driving the cyber security solutions market.

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Based on end user, the commercial airport segment estimated to account for a major market share in 2019
Commercial airports account for the largest share in the market due to the number of systems installed at each airport in 2019.To cope with the rising number of passengers, airport terminals need to be expanded, requiring investment in increasing the security lanes. The replacement of outdated equipment with new technology helps screen passengers faster and with greater reliability, increasing the efficiency of the security process.

Asia Pacific is estimated to account for the largest share of the passenger security market in 2019
Increasing passenger movement in Asia Pacific due to the rising demand for air travel is a major factor contributing to the growth of the passenger security market in this region. Countries such as China and India are investing heavily in airport infrastructure. For example, according to Business Television India, China is expected to build 74 new airports by 2020.

Breakdown of primary participants’ profile:
By Company Type: Tier 1 – 35%, Tier 2 – 45%, and Tier 3 – 20%
By Designation: C-Level Executives– 35%, Directors – 25%, and Others – 40%
By Region: North America –45%, Europe – 20%, Asia Pacific – 30%,MEA &South America 5%

Report Highlights:
• To forecast the market size of segments for five regions, namely, North America, Europe, Asia Pacific, Middle East & Africa, and South America, along with major countries in each of these regions
• To identify and analyze key drivers, restraints, opportunities, and challenges influencing the growth of the passenger security market
• To analyze the impact of macro and micro indicators on the market
• To strategically analyze micromarkets with respect to individual technological trends, prospects, and their contribution to the overall market
• To strategically profile key market players and comprehensively analyze their market ranking and core competencies
• To provide a detailed competitive landscape of the market, along with an analysis of business and corporate strategies, such as contracts, agreements, partnerships, acquisitions, and new product developments
• To identify detailed financial positions, key products, unique selling points, and key developments of leading companies in the market

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Competitive Landscape of Passenger Security Market:
1 Introduction
2 Major Players, 2018
3 Competitive Scenario
4 Competitive Leadership Mapping
5 Competitive Scenario

Reason to access this report:
This Report will help market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall passenger security market and its sub segments. The report covers the entire ecosystem of the passenger security industry and will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.

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Source URL: https://marketersmedia.com/72-growth-rate-for-passenger-security-market-by-2024-growth-factors-business-developments-segmentation-and-technologies/524643

Source: MarketersMedia

Release ID: 524643

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